R P Nagrath - (1.) Ca No. 231/2017 Mr. A.S. Gagrha, Advocate for PNB - Financial Creditor has filed this application under Section 22 (3) read with Section 27 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') for appointment of Resolution Professional to replace the Interim Resolution Professional. However, the application has been pressed only in terms of Section 22 of the Code under which it is maintainable.
(2.) I have heard the learned counsel for the applicant-Punjab National Bank, the Financial Creditor. CP (IB) No. 91/Chd/Pb/2017 filed by the Corporate Debtor under Section 10 of the Code was admitted on 25.10.2017 declaring moratorium in terms of Section 14 (1) of the Code and Mr. Alok Kaushik, as proposed by the Corporate Debtor, was appointed as the Interim Resolution Professional vide order dated 03.11.2017 with necessary directions.
(3.) The instant application is based on the decision taken in the meeting of Committee of Creditors constituted by the Interim Resolution Professional (Annexure A-3) . Agenda item No. 1 of the minutes of the meeting reflects that Punjab National Bank is the financial creditor to the extent of 84.8%; HDFC Bank 13.7% and Axis Bank 1.5%. The Committee of Creditors decided to change the Interim Resolution Professional and the other financial creditors authorised Punjab National Bank to file application recommending the name of Mr. Amandeep Singh having Registration No. IBBI/IPA-001/IP-P00367/2017-18/10624 for appointment as Resolution Professional.;